ZURICH--Feb 27, 2014--(BUSINESS WIRE)--The Board of Directors of ACE Limited (NYSE:ACE) announced today that it will recommend to shareholders at the company’s 2014 Annual General Meeting a 3% increase in its quarterly dividend. The proposal calls for a $2.60 annual dividend, payable in four installments of $0.65 per quarter, compared to the current quarterly dividend amount of $0.63. The formula for determining the Swiss francs amount for quarterly installments will be described in the company’s Proxy Statement that will be distributed in advance of the Annual General Meeting, scheduled for May 15, 2014.
The proposed 3% increase follows a 24% increase in the quarterly dividend that was approved by shareholders on January 10, 2014, and paid on January 31, 2014.
The Board of Directors also declared a quarterly dividend equal to $0.63 payable on April 17, 2014, to shareholders of record at the close of business on March 28, 2014, subject to a required filing with the Swiss Commercial Register. This amount reflects a $0.51 dividend by way of par value reduction approved by ACE shareholders on May 16, 2013, and a $0.12 dividend from capital contribution reserves approved by shareholders on January 10, 2014. Dividend payments will be made in United States dollars (USD) by the company’s transfer agent. The company’s par value is currently 27.04 Swiss francs (CHF) per share, and in connection with this dividend installment, the par value per share will be reduced on the record date by the CHF equivalent of $0.51 based on the USD/CHF rate published on March 21, 2014.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding ACE’s Annual General Meeting and dividends, reflect the company’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially as set forth in these statements. For example, the record date could be affected by delay in filing or acceptance of filing of the necessary amendments to the company’s Articles of Association which makes the record date official. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.